The important role that corporate governance has played in a wide range of public companies is self-evident. Recent major corporate failures are more or less related to bad corporate governance and the increasing corporate scandals call for good corporate governance not only in China but all around the world. Corporate governance is principally about how companies are structured and directed, which is indeed a quite broad field. It is a good direction to discuss how to improve the overall corporate governance level in China through the perspective of perfecting shareholder protection. However, while running companies for shareholder interests is getting increasingly more criticisms, the so-called stakeholder model and entity model are raised as alternative approaches. Accordingly, it is the purpose of this paper to find the most appropriate corporate objective which could be applied as the starting point for future corporate governance discussion by providing a right direction for assessing and evaluating corporate performance and accountability of management. Through the comparative studies of the three models, this paper concludes that shareholder primacy is a more effective and efficient approach with regard to advancing social welfare and controlling director’s accountability among others; the other two models cannot justify substituting the shareholder model as the corporate objective.
It is reasonable to expect that catastrophe insurance system will be established in China in the near future, since it is one of the main topics in the Fourth National Finance Working Conference, and it is the first three working points of China Insurance Regulation Commission (CIRC) this year. Due to the high loss of catastrophe and incapacity of the insurance industry, securitization of catastrophe risk serves as a significant alternative risk tool for catastrophe insurance industry. This has been practiced in the U.S. since the mid-1990s and catastrophe bonds are perfect examples. In this paper, we will first introduce the practices and challenges of securitization of catastrophe risk in the U.S., especially the catastrophe bonds which have been the predominant form until now. And then, the author will use the supply-demand framework to analyze whether securitization of risk is feasible in China. However, due to the institutional shortcomings, including legal frame, regulatory institutions and so on, issuing the ILS will take quite a long time and a tough process in China.
The agency theory has laid a foundation of knowledge for the review and design of corporate governance in large public corporations, but they are never exclusively symbiotic. Another insight to observe corporate governance is the adaptive efficiency demonstrated by the level of development of venture capital. Therefore, any proposal for corporate governance reform in large public corporations must be based on perspectives of both the agency theory and the adaptive efficiency theory. Otherwise, it is likely that improvements to one value (i.e. improvements by means of agency) will be at the expense of the other (i.e. improvements by means of adaptive efficiency). This theory is termed as the “harmonization principle.” Taking the Chinese State-Controlled Listed Companies (SCLCs) for example, the harmonization principle is applied to testing the reform measures for its corporate governance. With this demonstration, it intends to show the normative implication of the harmonization principle in the overhaul of corporate governance of large public corporations worldwide.
It is a new and meaningful research in discovering the impact of technology on law, and the reciprocal relationship between law and invention. This paper starts with a Chinese ancient tragedy to disclose the direct relationship between technology and law that was reflected in the play. It explains the “Needham Puzzle” that was engraved in Chinese law in discussion with the indirect impact of technology on law in the Chinese legal system. After that, the Chinese patent system is analyzed specifically to discover the law of innovation. It also discusses the impact of law on technology in the field of patent system.
On 30 June 2012 China promulgated the Exit-Entry Administration Law of the P.R.C., which is the most systematic and fully developed law on international migration in China up to now. This paper firstly gives an in-depth analysis of the features and contents of the new law. Deficits of the Law as well as possible solutions are expounded in the following section, in comparison with China’s international obligations under relevant international treaties that it has ratified. Finally, this article elaborates on the Law’s potential impacts on international migration. The law gives equal emphasis on strengthening exit-entry control and facilitating the cross-border movement of desired migrants. It demonstrates that super-national treatments that aliens have received in China in many ways are giving way to national treatments. Such a security-oriented law will be an effective instrument for preventing illegal migration. Yet its failure to address refugees and trafficked victim protection might impinge on the rights of refugees and trafficked victims in international migration.